Expectations of a decline in Middle Eastern tensions following a tour by mediators in the area and projections pointing to an increase in US crude inventories led to a reduction in oil prices.
Brent crude futures had lost nine cents, or 0.1%, to $77.11 a barrel by 03:40 GMT. A barrel of US West Texas Intermediate crude lost 12 cents, or 0.2%, to land $73.05.
Market sources reporting data from the American Petroleum Institute indicate that last week’s US crude inventory rise was 347,000 barrels.
